Pittsburgh Steel Company has a convertible bond outstanding, trading in the marketplace at $$930.$ The par value is $$1,000,$ the coupon rate is $5$ percent, and the bond matures in $20$ years. The conversion price is $$40$ and the company's common stock is selling for $$32$ per share. Interest is paid semiannually.

If the interest rate on similar bonds that are not convertible are currently yielding $12$ percent, what will be the pure bond value of the Pittsburgh Steel Company bonds? $($Use semiannual analysis.$)$ Use $()$ approximate answer, but calculate your final answer using the formula and financial calculator methods.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Bond value